Intrinsic value of South Jersey Industries - SJI

Previous Close

$33.13

  Intrinsic Value

$10.69

stock screener

  Rating & Target

str. sell

-68%

Previous close

$33.13

 
Intrinsic value

$10.69

 
Up/down potential

-68%

 
Rating

str. sell

We calculate the intrinsic value of SJI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  19.90
  18.41
  17.07
  15.86
  14.78
  13.80
  12.92
  12.13
  11.41
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.48
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
Revenue, $m
  1,490
  1,765
  2,066
  2,394
  2,747
  3,126
  3,530
  3,958
  4,410
  4,885
  5,383
  5,904
  6,448
  7,015
  7,604
  8,218
  8,856
  9,519
  10,207
  10,923
  11,667
  12,441
  13,245
  14,083
  14,954
  15,862
  16,807
  17,793
  18,822
  19,895
Variable operating expenses, $m
  1,217
  1,441
  1,687
  1,954
  2,243
  2,552
  2,881
  3,231
  3,599
  3,987
  4,391
  4,816
  5,260
  5,722
  6,203
  6,703
  7,224
  7,764
  8,326
  8,910
  9,517
  10,148
  10,804
  11,487
  12,198
  12,939
  13,710
  14,514
  15,353
  16,229
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,217
  1,441
  1,687
  1,954
  2,243
  2,552
  2,881
  3,231
  3,599
  3,987
  4,391
  4,816
  5,260
  5,722
  6,203
  6,703
  7,224
  7,764
  8,326
  8,910
  9,517
  10,148
  10,804
  11,487
  12,198
  12,939
  13,710
  14,514
  15,353
  16,229
Operating income, $m
  273
  324
  379
  440
  505
  575
  649
  728
  811
  899
  992
  1,088
  1,188
  1,293
  1,401
  1,514
  1,632
  1,754
  1,881
  2,013
  2,150
  2,293
  2,441
  2,595
  2,756
  2,923
  3,097
  3,279
  3,469
  3,666
EBITDA, $m
  596
  706
  826
  957
  1,099
  1,250
  1,412
  1,583
  1,764
  1,954
  2,153
  2,361
  2,578
  2,805
  3,041
  3,286
  3,541
  3,806
  4,082
  4,368
  4,666
  4,975
  5,297
  5,631
  5,980
  6,343
  6,721
  7,115
  7,527
  7,956
Interest expense (income), $m
  32
  83
  111
  143
  178
  216
  257
  301
  348
  397
  450
  505
  562
  623
  686
  751
  820
  891
  965
  1,041
  1,121
  1,204
  1,290
  1,380
  1,473
  1,570
  1,671
  1,777
  1,886
  2,000
  2,120
Earnings before tax, $m
  190
  212
  236
  262
  289
  318
  348
  380
  414
  449
  488
  526
  566
  607
  650
  695
  741
  789
  840
  892
  946
  1,002
  1,061
  1,122
  1,185
  1,252
  1,321
  1,393
  1,468
  1,547
Tax expense, $m
  51
  57
  64
  71
  78
  86
  94
  103
  112
  121
  132
  142
  153
  164
  176
  188
  200
  213
  227
  241
  255
  271
  286
  303
  320
  338
  357
  376
  396
  418
Net income, $m
  139
  155
  172
  191
  211
  232
  254
  278
  302
  328
  356
  384
  413
  443
  475
  507
  541
  576
  613
  651
  690
  732
  774
  819
  865
  914
  964
  1,017
  1,072
  1,129

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,628
  5,481
  6,416
  7,434
  8,532
  9,709
  10,964
  12,293
  13,696
  15,172
  16,719
  18,336
  20,025
  21,784
  23,616
  25,521
  27,502
  29,561
  31,700
  33,923
  36,234
  38,636
  41,135
  43,735
  46,441
  49,260
  52,197
  55,259
  58,453
  61,786
Adjusted assets (=assets-cash), $m
  4,628
  5,481
  6,416
  7,434
  8,532
  9,709
  10,964
  12,293
  13,696
  15,172
  16,719
  18,336
  20,025
  21,784
  23,616
  25,521
  27,502
  29,561
  31,700
  33,923
  36,234
  38,636
  41,135
  43,735
  46,441
  49,260
  52,197
  55,259
  58,453
  61,786
Revenue / Adjusted assets
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
Average production assets, $m
  3,213
  3,805
  4,454
  5,161
  5,923
  6,741
  7,611
  8,534
  9,508
  10,533
  11,607
  12,730
  13,902
  15,123
  16,395
  17,718
  19,093
  20,522
  22,007
  23,550
  25,154
  26,822
  28,557
  30,362
  32,241
  34,198
  36,237
  38,363
  40,580
  42,894
Working capital, $m
  -279
  -330
  -386
  -448
  -514
  -585
  -660
  -740
  -825
  -914
  -1,007
  -1,104
  -1,206
  -1,312
  -1,422
  -1,537
  -1,656
  -1,780
  -1,909
  -2,043
  -2,182
  -2,326
  -2,477
  -2,633
  -2,796
  -2,966
  -3,143
  -3,327
  -3,520
  -3,720
Total debt, $m
  2,058
  2,647
  3,294
  3,997
  4,756
  5,569
  6,436
  7,355
  8,324
  9,344
  10,413
  11,531
  12,697
  13,913
  15,179
  16,495
  17,864
  19,287
  20,765
  22,301
  23,897
  25,558
  27,284
  29,081
  30,951
  32,899
  34,928
  37,044
  39,251
  41,554
Total liabilities, $m
  3,198
  3,787
  4,433
  5,137
  5,896
  6,709
  7,576
  8,495
  9,464
  10,484
  11,553
  12,670
  13,837
  15,053
  16,319
  17,635
  19,004
  20,426
  21,905
  23,441
  25,037
  26,697
  28,424
  30,221
  32,091
  34,039
  36,068
  38,184
  40,391
  42,694
Total equity, $m
  1,430
  1,693
  1,983
  2,297
  2,636
  3,000
  3,388
  3,799
  4,232
  4,688
  5,166
  5,666
  6,188
  6,731
  7,297
  7,886
  8,498
  9,134
  9,795
  10,482
  11,196
  11,939
  12,711
  13,514
  14,350
  15,221
  16,129
  17,075
  18,062
  19,092
Total liabilities and equity, $m
  4,628
  5,480
  6,416
  7,434
  8,532
  9,709
  10,964
  12,294
  13,696
  15,172
  16,719
  18,336
  20,025
  21,784
  23,616
  25,521
  27,502
  29,560
  31,700
  33,923
  36,233
  38,636
  41,135
  43,735
  46,441
  49,260
  52,197
  55,259
  58,453
  61,786
Debt-to-equity ratio
  1.440
  1.560
  1.660
  1.740
  1.800
  1.860
  1.900
  1.940
  1.970
  1.990
  2.020
  2.040
  2.050
  2.070
  2.080
  2.090
  2.100
  2.110
  2.120
  2.130
  2.130
  2.140
  2.150
  2.150
  2.160
  2.160
  2.170
  2.170
  2.170
  2.180
Adjusted equity ratio
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  139
  155
  172
  191
  211
  232
  254
  278
  302
  328
  356
  384
  413
  443
  475
  507
  541
  576
  613
  651
  690
  732
  774
  819
  865
  914
  964
  1,017
  1,072
  1,129
Depreciation, amort., depletion, $m
  323
  382
  447
  518
  594
  676
  763
  855
  952
  1,055
  1,161
  1,273
  1,390
  1,512
  1,640
  1,772
  1,909
  2,052
  2,201
  2,355
  2,515
  2,682
  2,856
  3,036
  3,224
  3,420
  3,624
  3,836
  4,058
  4,289
Funds from operations, $m
  462
  537
  619
  709
  805
  908
  1,017
  1,133
  1,255
  1,383
  1,517
  1,657
  1,803
  1,955
  2,114
  2,279
  2,450
  2,629
  2,814
  3,006
  3,206
  3,414
  3,630
  3,855
  4,089
  4,334
  4,588
  4,853
  5,130
  5,419
Change in working capital, $m
  -46
  -51
  -56
  -61
  -66
  -71
  -76
  -80
  -84
  -89
  -93
  -97
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -150
  -157
  -163
  -170
  -177
  -184
  -192
  -201
Cash from operations, $m
  508
  588
  676
  770
  871
  979
  1,092
  1,213
  1,339
  1,472
  1,610
  1,754
  1,905
  2,061
  2,224
  2,394
  2,570
  2,752
  2,942
  3,140
  3,345
  3,559
  3,781
  4,012
  4,252
  4,503
  4,765
  5,038
  5,322
  5,619
Maintenance CAPEX, $m
  -268
  -321
  -380
  -445
  -516
  -592
  -674
  -761
  -853
  -951
  -1,053
  -1,161
  -1,273
  -1,390
  -1,512
  -1,640
  -1,772
  -1,909
  -2,052
  -2,201
  -2,355
  -2,515
  -2,682
  -2,856
  -3,036
  -3,224
  -3,420
  -3,624
  -3,836
  -4,058
New CAPEX, $m
  -533
  -592
  -649
  -707
  -763
  -817
  -871
  -923
  -974
  -1,024
  -1,074
  -1,123
  -1,172
  -1,222
  -1,272
  -1,323
  -1,375
  -1,429
  -1,485
  -1,543
  -1,604
  -1,668
  -1,735
  -1,805
  -1,879
  -1,957
  -2,039
  -2,126
  -2,217
  -2,314
Cash from investing activities, $m
  -801
  -913
  -1,029
  -1,152
  -1,279
  -1,409
  -1,545
  -1,684
  -1,827
  -1,975
  -2,127
  -2,284
  -2,445
  -2,612
  -2,784
  -2,963
  -3,147
  -3,338
  -3,537
  -3,744
  -3,959
  -4,183
  -4,417
  -4,661
  -4,915
  -5,181
  -5,459
  -5,750
  -6,053
  -6,372
Free cash flow, $m
  -293
  -324
  -354
  -382
  -408
  -431
  -452
  -471
  -488
  -504
  -517
  -529
  -540
  -550
  -560
  -569
  -577
  -586
  -595
  -604
  -614
  -625
  -636
  -649
  -663
  -678
  -694
  -712
  -731
  -753
Issuance/(repayment) of debt, $m
  525
  589
  646
  703
  759
  814
  867
  919
  970
  1,020
  1,069
  1,118
  1,167
  1,216
  1,266
  1,317
  1,369
  1,422
  1,478
  1,536
  1,597
  1,660
  1,727
  1,797
  1,870
  1,948
  2,030
  2,116
  2,207
  2,303
Issuance/(repurchase) of shares, $m
  99
  108
  117
  123
  129
  132
  133
  133
  131
  128
  122
  116
  109
  101
  91
  82
  71
  60
  48
  36
  24
  11
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  624
  697
  763
  826
  888
  946
  1,000
  1,052
  1,101
  1,148
  1,191
  1,234
  1,276
  1,317
  1,357
  1,399
  1,440
  1,482
  1,526
  1,572
  1,621
  1,671
  1,727
  1,797
  1,870
  1,948
  2,030
  2,116
  2,207
  2,303
Total cash flow (excl. dividends), $m
  332
  373
  409
  445
  480
  514
  548
  580
  613
  644
  673
  704
  735
  766
  798
  830
  862
  896
  931
  968
  1,006
  1,046
  1,090
  1,148
  1,208
  1,270
  1,336
  1,404
  1,476
  1,550
Retained Cash Flow (-), $m
  -238
  -263
  -289
  -314
  -339
  -364
  -388
  -411
  -434
  -456
  -478
  -500
  -522
  -544
  -566
  -589
  -612
  -636
  -661
  -687
  -714
  -742
  -772
  -803
  -836
  -871
  -908
  -946
  -987
  -1,030
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  4
  4
  5
  6
  7
  8
  9
  11
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  50
  53
  56
Cash available for distribution, $m
  93
  109
  120
  130
  140
  150
  160
  170
  179
  188
  196
  204
  213
  222
  232
  241
  250
  260
  270
  281
  292
  304
  318
  344
  371
  399
  428
  458
  489
  521
Discount rate, %
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
  86
  92
  91
  89
  85
  81
  75
  68
  61
  54
  46
  39
  33
  27
  22
  17
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  96.4
  93.2
  90.4
  88.0
  85.8
  83.9
  82.3
  80.8
  79.6
  78.5
  77.6
  76.8
  76.2
  75.6
  75.2
  74.8
  74.5
  74.3
  74.1
  74.0
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9

South Jersey Industries, Inc. (SJI) is an energy services holding company. The Company provides a range of energy-related products and services, primarily through its subsidiaries. Its subsidiaries include South Jersey Gas Company (SJG), South Jersey Energy Company (SJE), South Jersey Resources Group, LLC (SJRG), South Jersey Exploration, LLC (SJEX), Marina Energy, LLC (Marina), South Jersey Energy Service Plus, LLC (SJESP) and SJI Midstream, LLC (Midstream). Its segments include Gas utility operations (SJG), which consist primarily of natural gas distribution; Wholesale energy operations, which include the activities of SJRG and SJEX; SJE, which is involved in both retail gas and retail electric activities; On-Site energy production, which consists of Marina's thermal energy facility; Appliance service operations, which include SJESP, and Corporate and Services segment, which includes the activities of Midstream.

FINANCIAL RATIOS  of  South Jersey Industries (SJI)

Valuation Ratios
P/E Ratio 22.1
Price to Sales 2.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow -164.6
Growth Rates
Sales Growth Rate 8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.7%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 62.7%
Total Debt to Equity 103.6%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 10.2%
Return On Equity - 3 Yr. Avg. 10.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 29.9%
EBITDA Margin - 3 Yr. Avg. 27.1%
Operating Margin 18.3%
Oper. Margin - 3 Yr. Avg. 16.4%
Pre-Tax Margin 16.2%
Pre-Tax Margin - 3 Yr. Avg. 14.2%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 32.1%
Eff/ Tax Rate - 3 Yr. Avg. 12.7%
Payout Ratio 68.9%

SJI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SJI stock intrinsic value calculation we used $1243 million for the last fiscal year's total revenue generated by South Jersey Industries. The default revenue input number comes from 2017 income statement of South Jersey Industries. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SJI stock valuation model: a) initial revenue growth rate of 19.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.6%, whose default value for SJI is calculated based on our internal credit rating of South Jersey Industries, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of South Jersey Industries.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SJI stock the variable cost ratio is equal to 81.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SJI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for South Jersey Industries.

Corporate tax rate of 27% is the nominal tax rate for South Jersey Industries. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SJI stock is equal to 0.3%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SJI are equal to 215.6%.

Life of production assets of 10 years is the average useful life of capital assets used in South Jersey Industries operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SJI is equal to -18.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1192 million for South Jersey Industries - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 80 million for South Jersey Industries is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of South Jersey Industries at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ South Jersey Industries: 2Q Earnings Snapshot   [07:09PM  Associated Press]
▶ Rising Inflation is Eroding Wage Gains   [Jul-12-18 09:55AM  The Wall Street Journal]
▶ SJI : SJI to Ring Opening Bell at New York Stock Exchange   [Jul-11-18 04:40PM  GlobeNewswire]
▶ South Jersey Industries : SJI Declares Quarterly Dividend   [Jul-05-18 09:04AM  GlobeNewswire]
▶ South Jersey Industries Declares Quarterly Dividend   [May-14-18 09:04AM  GlobeNewswire]
▶ South Jersey Industries: 1Q Earnings Snapshot   [May-07-18 07:55PM  Associated Press]
▶ Top Ranked Income Stocks to Buy for April 20th   [Apr-20-18 10:22AM  Zacks]
▶ Top Ranked Income Stocks to Buy for April 11th   [Apr-11-18 09:42AM  Zacks]
▶ South Jersey Industries, Inc. to Host Earnings Call   [Feb-23-18 08:15AM  ACCESSWIRE]
▶ South Jersey Industries posts 4Q profit   [05:02AM  Associated Press]
▶ Best Rated NYSE Dividend Stocks   [Feb-15-18 08:02AM  Simply Wall St.]
▶ South Jersey Industries posts 3Q loss   [05:39AM  Associated Press]
▶ South Jersey Industries, Inc. to Host Earnings Call   [Nov-03-17 08:50AM  ACCESSWIRE]
▶ South Jersey Industries posts 2Q loss   [Aug-05-17 01:13AM  Associated Press]
▶ South Jersey Industries posts 1Q profit   [May-09-17 09:33AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for May 2nd   [May-02-17 10:47AM  Zacks]
▶ A Small-Cap Sector ETF That's Working   [Apr-11-17 12:41PM  Investopedia]
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